Intel's quarterly revenue rises 2.6 percent

Adjusted earnings are expected to come in between $1.05 and $1.15 per share, with growth of between 15% and 26%.

The company said it estimates global shipments of 3G and 4G devices will reach between 1.625 billion and 1.725 billion, with year-over-year growth of approximately eight percent.

Qualcomm posted adjusted earnings of $1.16 per share on $5.6 billion in sales, against the consensus of 97 cents per share and $5.58 billion. Net income in the third quarter, which ended June 26th, rose to $1.4 billion, or 97 cents a share, from $1.18 billion, or 73 cents, a year earlier. Adjusted EPS is forecast in a range of $1.05 to $1.15, compared with an actual total of $0.91 past year.

BMO Capital analyst Tim Long kept his rating on the stock at underperform-the only bearish rating among analysts surveyed by FactSet-but lifted his price target to $53, which is 12% below current levels, from $50, citing a better-than-expected September quarter outlook. The Internet of Things Group revenue increased 2% to $572 million, while the Non-Volatile Memory Solutions Group's revenue plunged 20% to $554 million.

Net income was $1.4bn, a 22 per cent increase on $1.2bn in Q3 2015.

Intel's GAAP gross margin of 58.9% beat the midpoint of expectations by 0.9 points, while its non-GAAP gross margin of 61.8% beat the midpoint by 0.8 points. That was $0.17 better than most investors were expecting, and more importantly, it represented a 17% jump from year-ago levels thanks to a dramatic drop in share count. Over the previous nine quarters, the stock averaged one-day post-results decline of 6.5%, according to FactSet.

Qualcomm stock was up 6.4 per cent to $59.39 in after-hours trading. Overall, Qualcomm's licensees sold $62.6 billion worth of devices.

Analysts on average had projected profit of $1.08 a share on sales of $5.72 billion, according to data compiled by Bloomberg.

Shares of Qualcomm (QCOM) are higher by 7.79% to $60.17 on Thursday afternoon, after the company reported better than expected earnings for the 2016 second quarter on Wednesday.